The Truth About Mortgage Blog

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Welcome to a warm, friendly, and most importantly unbiased place to learn about mortgages, ideally before you make contact with a real estate agent or lender. The more you know, the better you’ll feel, and hopefully all that hard work will help you snag a lower mortgage rate too! View all mortgage help topics to get started or check out the latest mortgage tips and news below.

Latest Posts

Impac Delays Third Quarter Filing, Expects Greater Loss

November 19, 2007 No Comments »

Irvine, California-based Impac Mortgage Holdings said today that its third quarter earnings report would be delayed, and though it couldn’t provide a “reasonable” estimate, expected a greater loss than a year ago. The mortgage lender, which expects to file the ... Read More »

Freddie Mac to Add, Raise Fees for Higher Risk Loans

November 16, 2007 No Comments »

Freddie Mac will begin charging mortgage lenders between 0.75% and 2% for loans its buys which exceed 70 percent loan-to-value, and fall below a credit score of 680. Freddie Mac’s changes are “in response to continuing volatility and turmoil in ... Read More »

WaMu Tightening Mortgage Guidelines

November 16, 2007 No Comments »

Washington Mutual has made a series of changes to its guidelines for both retail and wholesale mortgage loan origination. Probably most significant is the move to make mortgage broker-originated jumbo option-arms Full doc only, which should eliminate some of the ... Read More »

ResCap May Be Sailing Towards Bankruptcy

November 15, 2007 No Comments »

As the lending environment shows no signs of a turnaround, GMAC’s mortgage unit ResCap is rapidly declining in value, to the point where it could fall into default on certain banking agreements. GMAC has already infused the ailing mortgage unit ... Read More »

NovaStar Reports Loss, Faces High Chance of Delisting

November 14, 2007 No Comments »

NovaStar Financial reported a third-quarter loss of $598 million after market close Wednesday, and said its shares could be de-listed from the New York Stock Exchange. The Kansas City-based lender said there was a “high likelihood” that its shares would ... Read More »

Borrowers Still Dumping Adjustable Rate Mortgages

November 14, 2007 No Comments »

Adjustable-rate mortgages continue to fall out of fashion with homeowners as most who refinanced during the third quarter opted for less volatile fixed-rate mortgages, according to a quarterly report issued by Freddie Mac. The Refinance Product Transition Report indicated that ... Read More »

Stockton Reports Highest Metro Foreclosure Rate in Third Quarter

November 14, 2007 No Comments »

RealtyTrac released its Q3 2007 Metropolitan Foreclosure Market Report, which revealed that Stockton, CA, Detroit, MI, and San Bernardino, CA had the highest foreclosure rates among the nation’s 100 largest metropolitan areas during the quarter. Stockton, CA reported one foreclosure ... Read More »

HSBC Takes $3.4B Mortgage Hit, Closing Branches

November 14, 2007 No Comments »

HSBC Holdings PLC, Europe’s largest bank, said Wednesday that its U.S. based HSBC Finance unit swung to a third quarter loss of $1.1 billion, from net profit of $551 million a year ago. HSBC Finance Corp. took a $3.4 billion ... Read More »

Bank of America to Write Down $3B in Fourth Quarter

November 13, 2007 No Comments »

Bank of America announced today that it will take a $3 billion write-down in the fourth quarter related to the deteriorating value of its collateralized debt obligations. The nation’s second largest bank also warned that losses could increase as the ... Read More »

Countrywide Mortgage Fundings Down 48 Percent

November 13, 2007 No Comments »

Countrywide said it funded $21.96 billion in home loans during October, down from $41.9 billion in the same period a year ago, but up 4 percent from September. More importantly, Countrywide originated just $42 million in subprime mortgages in October, ... Read More »